Comcast (NASDAQ:CMCSA) is making a rare premarket move down, 1.9% lower, as MoffettNathanson downgrades it to Neutral along with other cablecos.
At $41.80, The stock is just 7% below the firm’s target price of $45, MoffettNathanson notes.
Cable stock prices have risen so much in the past years that “the room for a differentiated upside forecast” is narrower, the firm says. “That the cable companies are very, very good businesses is no longer a secret.”
Comcast is up 21.1% this year alone; it’s risen 169% over the past five years.
Charter (NASDAQ:CHTR) is 0.7% lower premarket.